The Great Depression Was The Worst And Longest Economic Downfall In History

The Great Depression was the worst and longest economic downfall in history. It lasted from 1929 to the late 1940’s. The Great Depression originated from the U.S, but it still affected countries throughout the world. When the Great Depression began Herbert Hoover was president. He was pass the worst and argued that the economy would sort itself out. The depression left many people in bad conditions, therefore many was unemployed, homeless, and in poverty. The era of the Great Depression was caused by the stock market crash, bank failures, and the reduction in products. The day the stock market crash was the official beginning of the Great Depression. During the stock market crash on October 24, 1929 it was called the “The Wall Street Crash”, also known as “Black Tuesday”. After the initial crash a wave of suicide in New York’s financial district began to

People from all classes stopped buying items and it caused a reduction in the number of items that was being produced. Many business started cutting back their workers hours or pay. With that being said, many people couldn’t afford to purchase things so businesses could not stay open. The few Americans who had money refused to invest, forcing business to close as well. By the end of 1932, more than 13 million American workers were unemployed. African Americans were the hardest hit during the Great Depression, and were often the first to get laid off. The unemployment rate rose above 25%, which meant less spending on goods. When people lost their jobs they couldn’t pay for items they had bought through installment, therefore, their items were repossessed. The people who had lost their jobs and had no money would ride on railroad cars to travel. It was estimated nearly 50% of children during the Great Depression did not have food, shelter, or medical care. Many people came to depend on the government and charity for help or